The crypto market seemed to remain dormant during Monday’s early trading hours after a relatively quiet holiday weekend. Even while other cryptocurrencies were falling, Dogecoin, the biggest memecoin, defied gravity’s downward pull.
The price of bitcoin clung near the $16,000 mark, while the price of ether remained content over $1,100. Tokens tied to the US dollar (Tether) and the humorously named Dogecoin (DOGE) were the only exceptions among the leading cryptocurrencies to trade upward.’
#Bitcoin's price drop often leads to a domino effect across the #cryptocurrency market. This is because many investors sell off altcoins to buy $btc when falling, causing altcoins to fall as well. It also indicates the overall as bearish, leading investors to sell. #cryptofaq pic.twitter.com/QtLWOC9PGg
— Domin0 (@Domin0Arts) November 28, 2022
It has been speculated that Elon Musk and Vitalik Buterin, co-founder of Ethereum, are collaborating on a new and improved Dogecoin. Solana lost nearly nine percent, while Litecoin lost seven percent. BNB fell by nearly 6%. However, Dogecoin saw a rise of 8%.
As of the end of the previous day, the total market valuation for all cryptocurrencies had fallen by as much as 3 percent, trading at roughly $816 billion. Total trading volume, however, jumped by more than 30 percent to $44.21 billion.
After the fall of Sam Bankman-FTX Fried’s enterprise, cryptocurrency prices have been under pressure this month. Investors are now eyeing other cryptocurrency firms to see how far the effect of the collapse will spread.